Money Problems and Alzheimer's By Jane Farrell People with AlzheimerΓÇÖs disease often have problems managing their money. In fact, money problems may be one of the first noticeable signs of the disease. Here, the experts from the National Institute on Aging tell you how to recognize, and handle, this problem. Early on, a person with AlzheimerΓÇÖs may be able to perform basic tasks, such as paying bills, but he or she is likely to have problems with more complicated tasks, such as balancing a checkbook. As the disease gets worse, the person may try to hide financial problems to protect his or her independence. Or, the person may not realize that he or she is losing the ability to handle money matters. Look for signs of money problems such as trouble counting change, paying for a purchase, calculating a tip, balancing a checkbook, or understanding a bank statement. The person may be afraid or worried when he or she talks about money. You may also find: Unpaid and unopened bills Lots of new purchases on a credit card bill Strange new merchandise Money missing from the personΓÇÖs bank account A family member or trustee (someone who holds title to property and/or funds for the person) should check bank statements and other financial records each month to see how the person with AlzheimerΓÇÖs disease is doing and step in if there are serious concerns. This can protect the person from becoming a victim of financial abuse or fraud. Many older adults will be suspicious of attempts to take over their financial affairs. You can help the person with AlzheimerΓÇÖs feel independent by: Giving him or her small amounts of cash to have on hand Minimizing the spending limit on credit cards or having the cards canceled Telling the person that it is important to learn about finances, with his or her help To prevent serious problems, you may have to take charge of the personΓÇÖs financial affairs through legal arrangements. ItΓÇÖs important to handle the transfer of financial authority with respect and understanding. You can get consent to manage the personΓÇÖs finances via a durable power of attorney for finances, preferably while the person can still understand and approve the arrangement. You can also ensure that the person finalizes trusts and estate arrangements. For more information, see Legal and Financial Planning for People with Alzheimer’s Disease. People with AlzheimerΓÇÖs may be victims of financial abuse or scams by dishonest people. Sometimes, the person behind the scam is a ΓÇ£friendΓÇ¥ or family member. Telephone, email, or in-person scams can take many forms, such as: Identity theft Get-rich-quick offers Phony offers of prizes or home or auto repairs Insurance scams Health scams such as ads for unproven memory aids Threats Look for signs that the person with AlzheimerΓÇÖs may be a victim of financial abuse or fraud: There are signatures on checks or other papers donΓÇÖt look like the personΓÇÖs signature. The personΓÇÖs will has been changed without permission. The personΓÇÖs home is sold, and he or she did not agree to sell it. The person has signed legal papers (such as a will, power of attorney, or joint deed to a house) without knowing what the papers mean. Things that belong to you or the person with AlzheimerΓÇÖs, such as clothes or jewelry, are missing from the home. If you think a person with AlzheimerΓÇÖs may be the victim of a scam, contact your local police department. You can also contact the State consumer protection office or Area Agency on Aging office. For more information about managing money problems in AlzheimerΓÇÖs: NIA AlzheimerΓÇÖs and related Dementias Education and Referral (ADEAR) Center 1-800-438-4380 (toll-free) adear@nia.nih.gov www.nia.nih.gov/alzheimers The National Institute on AgingΓÇÖs ADEAR Center offers information and free print publications about AlzheimerΓÇÖs disease and related dementias for families, caregivers, and health professionals. ADEAR Center staff answer telephone, email, and written requests and make referrals to local and national resources. Alzheimer’s Association 1-800-272-3900 (toll-free, 24/7)┬á 1-866-403-3073 (TTY/toll-free) info@alz.org www.alz.org Alzheimer’s Foundation of America 1-866-232-8484 (toll-free) info@alzfdn.org www.alzfdn.org Eldercare Locator 1-800-677-1116 (toll-free) www.eldercare.gov National Center on Elder Abuse 1-855-500-3537 (toll-free) ncea-info@aoa.hhs.gov https://ncea.acl.gov Reprinted from the National Institute on Aging. For more information on aging issues, visit the institute’s website at www.nia.nih.gov.